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marishachu [46]
3 years ago
15

If the elasticity of demand for a good at a certain price is greater than one, we describe demand as _____.

History
2 answers:
RoseWind [281]3 years ago
7 0

Answer:

Elastic

Explanation:

Price elasticity refers to how responsive the quantity demanded or supplied of a good is to a change in its price. When the elasticity of demand for a good at a certain price is greater than one, we say that demand is elastic. Elastic demand is one in which the quantity demanded or supplied responds to changes in price in a way that is greater than would be if the change occured in a proportional way.

Alisiya [41]3 years ago
5 0
Elastic i<span>s determined by dividing the % change in quantity demanded by % change in price</span>
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